The never-ending closet of frames is now empty and it's contents are spread across the living room. Add a coupon to the craft store and you get an instant gratification craft project.
Exacto knife or other razor blade-like cutter
Step One - flip over the frame and measure the dimensions of the backing (the space where the foam board will go)
Step Two - Cut the foam board to the needed dimensions. I used a razor blade to do this, you might have to flip the foam board over and cut on the other side once it is cored, depending on the type/sharpness of knife you use to cut it.
Step Three: Cut cork from the roll to a dimension a little bigger than the foam board, if there is going to be a side with a larger overhang leave it and cut it later. I used scissors to cut the cork, be careful it is delicate and can rip when cutting.
Step Four: Find a friend for this part if you can - Spray glue the foam board. Then lay the cork on top the tacky glue side of the foam board. Start at one end and smooth as you go to work out any air bubbles. Trim off any excess cork.
Step Five: Fit the corked foam board into the frame, depending on the tightness of the fit you may or may not need to tack it in place. Hang and enjoy!